Miami Beach Oceanfront Short Sales & REOs. So I am frequently asked to show the short sale steals and deals, including REOs and great Miami Beach condo deals alike.
Here are new luxury condos meeting those requests. An ocean view from a condo is manageable in the price range of 500 to 750k. I believe prices could go down in the next 6 to 12 months. It may be nominal as far as continued depreciation along the ocean.
A cash buyer can find the best value in the following 18 months. Buyers needing financing better jump on the bandwagon as interest rates rise. I am working with cash buyers who purchase (typically Bank-Owned REOs & short sales) in today’s waterfront market. My statistics differ from media reports based on analyzing a “micro-location” of only the Miami Beach oceanfront.
Since January 2008, inventory has been shrinking. Since MAY 2008, pending sales have and are doubled over 1st quarter in Sunny Isles real estate, South Beach and Miami Beach. While inventory has decreased in Bal Harbour, pending sales are staying consistent.
I am bullish on our oceanfront market and think the cash buyers I’m representing are purchasing ahead (10 to 20% off list price) of any potential continued depreciating curve… although NO one knows what may occur in the coming months. The buyers I work with today are also buying with at least a 3-year outlook looking at local area expert statistics like you’ll find here.
If you enjoy media reports, remember they report on Miami as a whole. For a long-term hold, you should do quite well. Factoring in all associated costs, I think today’s price per square foot on closed sales is below reproduction costs, with new Sunny Isles oceanfront condos closing at $450-515 psf.